Wells Fargo & Co. priced a preferred stock offering Thursday, increasing the size of the deal from $150 million to $225 million. The shares, which have a par value of $25, were priced with a 9% dividend. Initial indications had been that the yield would be set between 9% and 9.125%.

Institutions bought close to half of the Wells Fargo offering, according to Bernard Sussman, a partner at lead underwriter Goldman Sachs. Retail investors are typically the biggest buyers of fixed-rate preferred shares.

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